Travel + Leisure Co. has closed the acquisition of Yes& Vacations and entered into a definitive agreement to acquire Spinnaker Resorts, in two transactions totaling a combined upfront purchase price of $343 million, subject to customary adjustments and up to $10 million in contingent performance-based payments. The Spinnaker Resorts acquisition is expected to close in the third quarter of 2026. The company is funding both deals through cash and existing debt capacity and expects to end the year at a 3.2x leverage ratio while sustaining share repurchases at levels comparable to 2025.
Together, the acquisitions add 23 resorts and more than 100,000 vacation ownership members to Travel + Leisure Co.’s network, expanding its owner base by more than 10%. Yes& Vacations contributed seven properties in Maui and a flagship island-inspired resort on the Las Vegas Strip. Spinnaker Resorts will add six properties in Hilton Head, South Carolina, plus resorts in Ormond Beach, Florida; Branson, Missouri; and Williamsburg, Virginia — a set of drive-to leisure destinations that complement the company’s existing portfolio.
The $343 million upfront price is expected to be reduced by securitizing approximately $80 million of acquired consumer financing receivables, bringing net capital deployed to approximately $263 million. On a full-year basis, inclusive of identified synergies, the two acquisitions are expected to contribute approximately $50 million of Adjusted EBITDA and are described as immediately accretive to Adjusted EBITDA, Adjusted Diluted EPS, and Adjusted Free Cash Flow.
The strategic rationale centers on adding quality vacation inventory in high-demand leisure markets where new development is difficult — particularly Maui and Hilton Head — while significantly expanding the owner base that generates recurring management fee revenue, consumer financing receivables, and incremental vacation purchase opportunities across the Travel + Leisure ecosystem.
Travel + Leisure Co. provides more than six million vacations annually across a portfolio that includes Club Wyndham, WorldMark, RCI, Sports Illustrated Resorts, Eddie Bauer Adventure Club, Margaritaville Vacation Club, and Accor Vacation Club. PJT Partners served as exclusive financial advisor to Travel + Leisure Co. BofA Securities advised Yes& Companies, and J.P. Morgan advised Spinnaker Resorts.
KEY QUOTES:
“Acquiring these companies strategically expands our presence in premier leisure destinations, adding quality inventory in markets where new development is challenging. Combined, these transactions significantly expand our resort and owner base, creating meaningful opportunities to generate incremental revenue across our vacation ownership ecosystem.”
Michael D. Brown, President and Chief Executive Officer, Travel + Leisure Co.
“These acquisitions reflect our approach to capital allocation — deploying capital where we believe it can generate attractive long-term returns while maintaining balance sheet flexibility and continuing our consistent approach to returning capital to shareholders. They are immediately accretive and create meaningful opportunities through owner monetization, receivables optimization and recurring management fee growth.”
Erik Hoag, Chief Financial Officer, Travel + Leisure Co.
“Joining Travel + Leisure Co. creates extraordinary opportunities for our people, our owners and our resorts. The company is a recognized leader in vacation ownership, shares our commitment to hospitality and has the scale and resources to carry Yes& Vacations into its next chapter.”
Anthony Twist, Chief Executive Officer, Yes& Companies
